Reliance Industries Reports Rise in Profits and Sales

6:56 AM MDT | July 25, 2011 | Deepti Ramesh

Reliance Industries says net profits for its fiscal first quarter ended June 30 increased 17%, compared with the same period of the previous year, to about Rs56.6 billion ($1.28 billion) on sales up 37%, to Rs837 billion. Increased volumes accounted for 4.5% of the sales growth and higher prices accounted for 32.7% of the sales growth, Reliance says. Exports increased 57.5% during the quarter, to Rs517 billion. “The growth in earnings was driven by strong refining margins and sustained performance in the petrochemicals business,” says Mukesh D...